MJT & Associates Financial Advisory Group Inc. Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

MJT & Associates Financial Advisory Group Inc. acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO) during the 1st quarter, HoldingsChannel.com reports. The institutional investor acquired 555 shares of the semiconductor manufacturer’s stock, valued at approximately $93,000.

A number of other institutional investors also recently modified their holdings of AVGO. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter valued at $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom in the 1st quarter valued at $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom in the 4th quarter valued at $28,000. Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom in the 4th quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC lifted its stake in shares of Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer’s stock valued at $30,000 after purchasing an additional 137 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company’s stock.

Insider Activity

In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the company’s stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $265.13, for a total transaction of $795,390.00. Following the sale, the director directly owned 33,352 shares of the company’s stock, valued at approximately $8,842,615.76. This represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the company’s stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. This represents a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 830,516 shares of company stock valued at $217,224,641. Corporate insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. Rosenblatt Securities lifted their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research note on Friday, June 6th. Citigroup lifted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Cowen reissued a “buy” rating on shares of Broadcom in a research report on Friday, June 6th. Wall Street Zen raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday, July 5th. Finally, The Goldman Sachs Group began coverage on shares of Broadcom in a research report on Thursday, July 10th. They set a “buy” rating and a $315.00 target price for the company. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $292.08.

Broadcom Stock Performance

NASDAQ AVGO opened at $290.18 on Monday. The stock has a market cap of $1.36 trillion, a P/E ratio of 108.68, a PEG ratio of 2.06 and a beta of 1.12. The company’s 50-day simple moving average is $260.05 and its 200 day simple moving average is $222.08. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $292.59. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analysts’ expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $10.96 earnings per share. As a group, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.

Broadcom declared that its Board of Directors has initiated a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Broadcom Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.81%. Broadcom’s dividend payout ratio is 88.39%.

Broadcom Company Profile

Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.